- Ethereum ETFs saw $219 million in outflows, marking five straight days of redemptions.
- ETH trades near $3,300, struggling to hold key support as investor caution grows.
Ethereum is once again under selling pressure as investors continue to withdraw funds from Ethereum ETFs. The trend marks five consecutive days of redemptions, signaling growing caution among market participants amid a broader crypto pullback.
Mounting Outflows Reflect Investor Pessimism
According to data from SoSoValue, Ethereum ETFs recorded $219.37 million in outflows within the last 24 hours alone. BlackRock’s ETHA led the sell-off, seeing $111.08 million withdrawn, followed by Grayscale’s ETH, which lost $68.64 million. Fidelity’s FETH and Grayscale’s ETHE also faced outflows of nearly $20 million each.
Other issuers such as 21Shares, Bitwise, VanEck, Invesco, and Franklin Templeton showed no movement, a sign of cooling enthusiasm among both institutional and retail investors. This pattern mirrors a similar trend seen in Spot Bitcoin ETFs, which recorded $577.74 million in recent outflows, highlighting widespread caution across the crypto market.
Price Holds Steady but Risks Remain
At the time of writing, Ethereum trades near $3,300, posting a 0.42% gain over the past 24 hours. Despite the slight uptick, ETH remains far below its recent highs after dropping to a multi-week low of $3,160 earlier this week.
While trading volume jumped 33.8% to $74 billion, suggesting renewed interest, analysts note that Ethereum still faces significant struggles. Technical indicators such as the Relative Strength Index (RSI) near 30 suggest the asset is approaching oversold territory, but the Average Directional Index (ADX) around 24 points to a trend still favoring the downside.
To avoid deeper declines, Ethereum must hold above the $3,200–$3,250 support zone. Failure to maintain this range could see the price test lower levels at $3,160 or even $3,000. On the upside, resistance at $3,400 and $3,520 could act as key recovery points if buying pressure builds.
Market Awaits Signs of Stability
The recent streak of ETF redemptions underscores broader market unease amid macroeconomic uncertainty and a cooling “Uptober” narrative. As investors weigh risk and liquidity, all eyes remain on whether Ethereum can stabilize above crucial technical levels or face further correction.
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